Why you need to embrace extreme transparency?
I had the privilege of sharing the stage and touring for 3 weeks with Robert Kiyosaki, the author of Rich Dad Poor Dad.
Did you know that in order to be a part of his team as a “rich dad advisor”, he requires all his advisors to meet in person a few times a year? Robert will facilitate a training to make sure they are serving their customers as best they can BUT THE MOST IMPORTANT PART is that he requires that they all present their full business accounts, up-to-date balance sheets, and even bank balances. Sounds obvious that if you’re teaching wealth and business skills then of course it goes without saying that you better have some “wealth” and “business skills”.
Nowhere to hide!
The real secret to this process is the EXTREME TRANSPARENCY. Literally nowhere to hide. No excuses to hide behind. It’s a frightening and beautiful thing all at the same time and it drives more productivity than just about any “course” or “programme”.
I’m telling you right now that something similar should be a prerequisite to standing on stage at any chiropractic event if you’re teaching “practice growth”, wealth, or abundance IN ANY WAY… now that would up the standard. 🙂
Performance Requires Pressure
Any mastermind or group of winners inherently creates accountability and drives increased performance, that’s literally the power of being in a mastermind or consulting group.
I have 2 membership “tiers”. My Inner Circle level and Platinum high performers. Platinum is my top-tier consulting level where a maximum of 10 practice owners spend 2 days in a room with me 3 times a year. It is a prerequisite to be a member of the Inner Circle consulting level which also attends 3 separate live in-person gatherings in a larger group format.
The structure is COMPLETELY different. No music, flashy lights, or PA systems. Simply a group of entrepreneurs, a boardroom table, and a flip chart. Most of the “magic” happens prior to anyone stepping into the room. Each member is required to submit a lengthy set of documents consisting of an executive summary of the last quarter, detailed profit and loss accounts, balance sheet, and additional scorecards.
Each attendee is then required to make sure there are enough copies for each member of the group and then the entire event comprises a “hot seat” format where the prep packs are handed out and each member is given time to familiarise themselves with the data and therefore practices performance. The good, bad, and ugly. Nowhere to hide.
It is the single most successful thing I’ve ever facilitated. The results are frankly astonishing!
Here are some headline results across the platinum groups:
- 84% had a record last quarter.
- 76% have had 4 consecutive record quarters
- 93% had a Record year.
- Platinum members have seen an AVERAGE of 67% practice growth since enrolling.
- The collective revenue of one group (9 practices) is approximately 10 million pounds. (12 million dollars)
Where can you increase accountability in your practice?
Don’t be afraid to increase transparency using things like daily reports, scorecards, etc. Human nature is that left to our own devices we are simply terrible performers. Name a star athlete or performer who doesn’t embrace accountability, coaching, or transparency. It doesn’t exist.
The truth is that performances simply require pressure. By the way, I am part of the same type of masterminds, where I am required to present my figures, balance sheet, and executive summary to a group of entrepreneurs 4 times a year. I HATE IT. It’s a pain in the ass and the time to prep and get my shit together is substantial. Every bone in my body does not want to attend, but I would sooner cut my big toe off than stop going. It’s the reason we have grown my businesses by an average of 30%- 40% a year for the past 4 consecutive years.
A quick word of warning!
Nobody really “enjoys” accountability. It’s awkward and makes us ask questions about ourselves that frankly, we would rather not. Unfortunately, that’s the “tax” needed for success.
Two things to watch out for
1) If you’re a practice owner and you either avoid these scenarios or when the going gets tough, jump out of the “heat” I would urge you to stick with it. Remember I am no different. I have the EXACT same emotions. But I know that that level of transparency and accountability is required for great things to be achieved.
2) Nobody hates accountability more than B or C players. Don’t be surprised if some jump out of the “pot” when you turn up the heat. That’s normal. That’s why, in the hiring process it is so important for you to set that context BEFORE they join your team. Should they still choose to join you after knowing that the culture is one of transparency and measuring, then you’ve got a better chance of surrounding yourself with A players.
Hope that’s helpful
I’m rooting for ya!
P.s Reach out if you’re interested in finding out more about how I can help you double your practice. It’s not only possible, but happens all the time in our circles!